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of <h1>Finance Act, 2011 Omits Section 11AB: Interest on Delayed Excise Payments No Longer Mandated, Terms Outlined</h1> Section 11AB of the Central Excise Act, 1944, which was omitted by the Finance Act, 2011, mandated interest on delayed excise duty payments. If excise duty was not levied, short-paid, or erroneously refunded, the liable party was required to pay interest between 10% and 36% per annum, as notified by the Central Government. Interest was calculated from the month following the due date or erroneous refund date until payment. No interest was payable if the duty was voluntarily paid within 45 days following a Board order, provided no appeal rights were reserved. The provision did not apply to duties due before the Finance Bill, 2001.
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